Venezuela doesn't have nuclear, doesn't have oil and doesn't have hydro, and we know that because the lights are out! Anymore minor facts you are having trouble getting your head wrapped around?

missed a day at your ESL class did you? They "have" lots of oil and the "have" lots of hydro. What they do not have (for the last day and a half) is electricity. You do know how that works don't you? A power outage doesn't mean all the oil reserves are gone or that the hydro stations no longer work.

In other words their EROI is now zero, but according to your argument that since oil companies never consider EROI, that is completely irrelevant.

Of course it is irrelevant as the minute there is a new government in place there will be hordes of oil companies lining up to do deals once again. I talked to a couple of gents who have long experience back prior to the latest nationalization and they have been approached by several large oil and gas companies to help them get prepared for that inevitability. If you are now at calculating EROEI on any event that might transpire you have woefully misunderstood the concept.

The economy has reached the point where CB currency creation can no longer compensate for organic growth decline. It occurred at an ERoEI of 8.1:1. It also appears to have occurred about the time that legacy declines overwhelmed new production increases. Reserves that will be extracted are declining by 36 Gb a year. $60 oil is breaking the economy.

"Cities across Venezuela recovered electricity on Thursday after the blackout, the second major one in less than a month. Maduro on Wednesday night blamed the outage on a “terrorist attack” on the Guri hydroelectric facility that provides electricity to most of the country."

EXTREME PREDICTION LEADERBOARD "this is peak now. Wanna bet? The Real Pain starts . . . now." (11/21/18)" --pstarr"$0/barrel soon as per etp." (12/30/18)" --pstarrATTN: SHORT LOST A BET AND WON'T EVEN ADMIT HE MADE ONE. HE SHOULD NOT BE WELCOME HERE!!!

The WTI and the Brent oil prices are showing up for the day. Oil (both Brent and WTI) have been in a solid uptrend for over 3 months. Desperately looking for a slight down move in oil for an hour or three is NOT evidence of anything "breaking down".

Deflation may or may not be coming. Even if it does, there is NO evidence energy is the cause.

You sound about as credible as armageddon claiming any decrease in any index is "a crash".

Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.

shortonoil wrote:The economy has reached the point where CB currency creation can no longer compensate for organic growth decline. It occurred at an ERoEI of 8.1:1. It also appears to have occurred about the time that legacy declines overwhelmed new production increases. Reserves that will be extracted are declining by 36 Gb a year. $60 oil is breaking the economy.

As usual, you have no clue whatg you're talking about. 2010 - 2014 showed $100 oil hardly bothered the global economy. The only place the economy can't handle $60 oil is in your deluded mind.

Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.

The U.S is going down the net energy cliff as well. This will have strange political consequences.

A weird observation:

The GOP has said that God wanted Trump to win the presidency. That God's hand is guiding Trump.

Trump has his MAGA crowd and the Qanon cultists at the MAGA rallies. After the witch hunt is now over, Qanon is now their prophet and Trump is their Messiah. Even Christ was attacked by the establishment.

There you go again, stealing Rockdoc's insults. One would think that the possessor of all human knowledge could at least think of their own degrading, bigoted remarks. Being a complete ignorant jerk is just not enough anymore; you need originality! Stop by the site sometime and I'll give some pointers on how to be a complete total A-hole. I'd stop by yours, but you don't have one? A-hole dot com is still available though. And NO, the economy didn't handle $100 oil. It didn't handled it so well that the CB had to pump $16 trillion of counterfeit currency into circulation to keep it from collapsing. It is now collapsing anyway, and this time it will be permanent.

Historically, and every time that the cost of crude (calculated with WTI) has exceeded about 3.5% of world GDP the price has crashed. It is the maximum that the economy can afford to pay for its oil, and that is the result of the energy that oil can deliver to the economy (which on a per unit bases is going down). The price is again approaching 3% of GDP and will soon collapse again. This time however will be the last. Not much of the world's remaining oil can be produced for less than what it is presently bringing. Any resemblance of a modern technological economy will go with the oil. The Dark Ages will begin again where it left off 1000 years ago almost immediately after the lights go out.

Venezuela is going down the net energy cliff (EROEI). The decaying infrastructure is a result of not having enough energy to maintain it.

Jesus wept.....the decaying infrastructure is a result of Chavez and then Maduro taking revenues from oil and distributing it as "gifts/social program spending" to the poor indigenous in order to bolster continuing support at the polls at the expense of reinvesting that money back into maintenance and further development in the oil fields. When the price dropped in 2014 that made the situation worse as more and more oil and gas revenue had to be funneled into social programs to maintain the status quo. Time to read a newspaper I think.

There you go again, stealing Rockdoc's insults. One would think that the possessor of all human knowledge could at least think of their own degrading, bigoted remarks. Being a complete ignorant jerk is just not enough anymore; you need originality!

So you have NOTHING meaningful to say. Just more spewing like a small child.

Got it. Totally expected.

Thank you for confirming my observation that YOU HAVE NO IDEA WHAT YOU'RE TALKING ABOUT.

And when you can show me something in writing re this site's rules that demands I ensure my observations are unique by carefully reviewing or memorizing ALL OTHER POSTER'S COMMENTS, even for common phrasing -- be sure and let us know.

Hint: you'd be more successful deflecting by jingling keys at another small child. And I know, other people have used the phrase "jingling keys" before, including myself.

I'm sure you'd be exactly as successful in that endeavor as you are in saying anything meaningful about oil or economics, or making good predictions as well.

You know, just making up your own reality and actually believing in it could qualify you for the loony bin, right? Or are you too far gone to see that?

Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.

How many thousands of silly calls of that caliber are you going to regale us with over time, in your attempts to make shorty look correct, prove doom, etc?

Hint: At least PRETEND you know something about technical analysis, and wait a week, or better a month or two and see if your call even BEGINS to be confirmed.

But I know, you're so desperate to show ANY figure that might look like doom, you want to spew all that you can. It's as though a truckload of nonsense is far more credible than a handful of actual reasonable points / observations, in your mind.

Yoshua wrote:Venezuela is going down the net energy cliff (EROEI). The decaying infrastructure is a result of not having enough energy to maintain it.

Venezuela is where Russia was around the time of the fall of the soviet union. They have more exploitable hydrocarbons but socialism has (temporarily) destroyed their ability to do anything with it. This has been explained multiple times but doomers keep clinging to your narrative.

Note that people like Orlov previously clung to the fall of the soviet union as a harbinger of what the world would look like post-peak only to look like idiots when russian oil production actually BOUNCED BACK under their current clemtocratic flavor of capitalism emerged.

Point being that doomers ALWAYS serve up above-ground issues as false proof of geologic depletion/exhaustion.

EXTREME PREDICTION LEADERBOARD "this is peak now. Wanna bet? The Real Pain starts . . . now." (11/21/18)" --pstarr"$0/barrel soon as per etp." (12/30/18)" --pstarrATTN: SHORT LOST A BET AND WON'T EVEN ADMIT HE MADE ONE. HE SHOULD NOT BE WELCOME HERE!!!

I think such charts are useless because tomorrow's price is not effected by any past price or set of conditions but only on the then current supply and demand conditions. But playing with your chart out of boredom, why don't you move your long term trend line up from the valleys to connect the peaks in June and October. That would project out to a peak of about $85 and keep right on rising if you extend the chart a few more years forward.